West One Loans has released limited-edition residential products at 95% loan to value (LTV) for the first time.
The lender’s low-deposit deals are available to first-time buyers only, with rates starting at 8.19%. West One Loans also offers options with no lender fees.
The 95% LTV range has loan-to-income (LTI) ratios of up to five times income and maximum loan sizes of £500,000.
West One Loans will allow for both satisfied and unsatisfied defaults, as well as satisfied county court judgments (CCJs) of up to £500. The lender will also consider one satisfied CCJ, unsatisfied default or satisfied default of more than £500 if it was registered more than 36 months ago.
West One Loans has also made changes across the rest of its residential mortgage range.
This includes a change to its Prime Plus Higher LTV credit eligibility criteria, which will now only be available on 90% and 95% LTV products, instead of at 85% and 90% LTV previously.
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There are now zero-lender-fee options available on its 90% LTV range, and it is increasing the maximum LTV for its Prime Plus Core products from 75% to 80% and its Prime Plus LTI Boost products from 75% to 80%.
The Prime Plus LTI Boost range offers uncapped LTI ratios for borrowers with a minimum household income of £50,000.
Additionally, West One Loans will consider CCJs of more than £5,000 on its Prime Plus Higher LTV and Prime Plus Core options on a referral basis. Otherwise, such borrowers will be placed on its Prime or Near Prime offering.
Marie Grundy (pictured), managing director of residential mortgages and second charges at West One Loans, said: “We are thrilled to announce the launch of our first-ever 95% LTV mortgage range, tailored to assist first-time buyers who may find it difficult to raise a substantial deposit.
“These limited-edition products will be particularly beneficial for those with minor credit blips who still demonstrate strong creditworthiness, helping them take that vital first step onto the property ladder.”
She added: “This move marks a significant milestone in our journey toward becoming the leading lender in the specialist mortgage market. Throughout this year, we have focused on expanding our team and refining our offering to better serve brokers and their clients while strengthening our presence in a highly competitive space.
“As we move toward the end of the year, brokers can expect further enhancements to our range as we continue to innovate and expand our proposition.”
Earlier this week, the lender consolidated its bridging and development finance arms.
